The EUR/JPY pair has been trending sideways since the 29th of October 2015, mostly between the levels of 133.32 and 131.89.
The currency pair turned downwards during the course of the day on Wednesday, testing the lower levels once again. With this being the case, the price could continue moving into lower zones. If the sellers manage to break below 132.21, the price could travel down to 131.95 and 131.58 respectively.
In the opposite scenario, where they face significant support below 132.21, and the price bounces back up to break above 132.60, the pair could escalate up to 132.91 and 133.24 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.